Transocean announces 100 million share public offering

Transocean Ltd. (NYSE: RIG) announced plans to offer 100 million shares in an underwritten public offering, with underwriters receiving a 30-day option to purchase an additional 15 million shares.

Citigroup and Morgan Stanley will serve as joint book-running managers for the offering. The shares carry a par value of $0.10 each.

The offshore drilling company plans to use net proceeds to repay or redeem debt, including a portion of the $655 million aggregate principal amount of 8.00% Senior Notes due February 2027 issued by subsidiary Transocean International Limited. Any remaining proceeds will support general corporate purposes.

The offering operates under a shelf registration statement that became effective with the Securities and Exchange Commission on July 1, 2024. A preliminary prospectus supplement describing the offering terms is expected to be filed with the SEC.

Transocean operates 27 mobile offshore drilling units, including 20 ultra-deepwater floaters and seven harsh environment floaters. The company provides offshore contract drilling services for oil and gas wells, focusing on technically demanding sectors of the global offshore drilling business.

The offering remains subject to market conditions and completion of the SEC review process. The company noted no assurance exists regarding whether or when the offering may be completed or the actual size and terms of the final offering.

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